Cyber Security and Emerging Tech Blog
Why Cybersecurity and Other Emerging Technologies Are Even More Vital to Your Business Health
This month we teamed up with a new-to-EFBC member, Matt Kaseeska, CEO of Net Works Consulting, to hear his thoughts on cyber security.
In 2022, it is redundant to say technology has changed every aspect of how we run our businesses. So, what’s next you ask? Guest contributor and new EFBC member Matt Kaseeska of Net Works Consulting Services shares his thoughts on why the health of your business is tied to your adoption of emerging technology and the importance of cybersecurity.
Deploying innovative technology solutions, such as artificial intelligence is crucial to retaining a competitive edge. Technology has always been necessary on a functional level — for tasks, communications, security, and so on. But these days, it can make or break your business. The ready adoption of emerging technology is simply a necessity for business growth and success.
The implementation of new digital technology can help accelerate progress toward business goals, such as financials, workforce diversity, and environmental targets. Companies that incorporate three or more emerging technologies reported growing net income 80% faster than non-adopters, according to Oracle.
To ensure you are in a position to take full advantage of emerging applications it is important to assess your current technology stack.
Top 5 Things a Tech Check Catches
From outdated solutions to cybersecurity that’s not up to the task, there are plenty of convincing reasons to discover where improvements could be made to your IT. A technology assessment will reveal:
- Aging Solutions: If you haven’t updated in 6-12 months, you’re probably using at least one outmoded solution.
- Decision-Making Lags: 75% of companies that use AI experienced an improvement in decision-making.
- Old Equipment: New technology improves productivity, enhancing workflows.
- Weak Security: Strong security is a must to avert cyberattacks, which average costing a company about $200,000.
- Technological Deficits: A technology audit can identify areas that hold your team back.
Agility Matters
When it comes to your IT infrastructure, ask yourself if your technology enhances your ability to make data-driven decisions and if it provides value for your clients. Is it scalable? Do your employees have all of the tools they need to do their jobs successfully?
Agility is how prepared you are to adopt available technology innovations. To attain optimal agility, Forbes suggests you have a strategy with objectives, broad agreement on the technology path, IT processes in place and adaptable personnel who appreciate what new technology brings to the table.
While most executive managers believe agility to be important to their success, less than a third of executive managers believe their companies fit the profile, according to Project Management Institute.
Stay Ahead of the Cybersecurity Threat
The United States, Ukraine, the UK, and several other western nations have been the target of brazen Russian cyber operations in recent years. Hacking activity is anticipated to increase with the current unrest.
Cybersecurity is the protection of Internet-connected systems, including hardware, software, and data, from cyberattacks. Ensuring cybersecurity requires the coordination of efforts throughout the information system, which includes email, infrastructure, and network security as well disaster recovery/business continuity and operational security.
Russian hackers deploy many of the common types of cyberattacks used by domestic hackers. Cybersecurity threats you might have heard of before or perhaps encountered in the past include backdoors, phishing emails, ransomware, etc.
If you have yet to run a cybersecurity audit, now is a great time to do so.
About Matt:
Matt’s parent’s instilled in him the importance of hard work, honesty and delivering on what you promise. These principles have been carried over to his business. He created Net Works Consulting Resources based on transparency, simplicity and results. Over the past 25 years, Matt has led major companies forward with strategic IT leadership and transformed clients from a chaotic environment to a streamlined one that allowed for stability and growth.
President’s Letter: New Connections
The EFBC is always looking to improve upon ourselves, Whether it’s internally through the Executive Committee, Board of Directors, Strategic Partners, Forums, fellow members, or via potential partnerships. I’m proud to announce that we have collaborated with Goldman Sachs 10,000 Small Businesses program (10K SB). This program serves as an educational opportunity that was founded and supported by Goldman Sachs, to “help entrepreneurs create jobs and economic opportunity by providing access to education, capital and support services.” The “education” piece of this, along with the entrepreneurial base and job creation goals, aligns with the EFBC and our overall mission, vision, and values. 99% of all employer firms are small businesses, 10K Small Businesses is there to help these fledgling companies or businesses that are looking to take it to the next level. They do this by providing businesses with a practical business education and curriculum that covers the fundamentals of business growth. They also provide access to capital for organizations that need assistance for expansion.
Join us on Tuesday, May 24th at Goose Island Brewhouse for a happy hour with 10K SB associates and alumni. We’ll hear shared experiences from participants of both programs to learn how our programs support one another. Our hope is to enlighten 10K SB alumni on Forums and experience comradery with the EFBC community. As Liz and Patty would say, we want to “share the brilliance” that is the EFBC members and partners! I very much look forward to the opportunity to engage with fresh entrepreneurial cohorts of a top-tier program, that exists to help others, much like our own.
Neil O’Donnell
VP of Business Development, Progressive Industries
EFBC President 2021-2022
A Look Back: >25 Years of EFBC and the Community of Members That Make Us.
As we anticipate our >25th year anniversary Gala, we thought it would be fun to take a trip down memory lane. We want to highlight what was going on in the world, the states, Chicago, and with some of our members who are also celebrating milestones this year in our first year, 1994. What was everyone up to in 1994?
But while the world looks vastly different now, in 2022, than it did in 1994, we are grateful to our humble beginnings, to where we are now. Jim Liautaud was setting the foundation for the Entrepreneur and Family Business Council in Chicago, IL at the University of Illinois at Chicago, under the old name of the UIC Family Business Council. And in a garage in Bellevue, Washington, Jeff Bezos was founding Amazon.com, Inc, which at the time was called Cadabra, Inc (luckily, that name only stuck for a few months). Sounds like it was a pretty good year for entrepreneurs!
Nationwide gas prices averaged at $1.11 at the pump. Schindler’s List won Best Picture. Whitney Houston took home both Record and Album of the year at the 36th annual Grammy Awards. The Cowboys defeated the Bills in the 29th Super Bowl. The Lion King was released, marking Disney’s 32nd animated film release, to critical acclaim and raking in approximately $951M worldwide at the box office, where it quickly became the highest grossing traditionally animated film of all time. And who can forget Nancy Kerrigan being clubbed by the ex-husband of rival competitive figure skater, Tonya Harding.
In Chicago, in 1993, the orange line opened, connecting folks from downtown to Midway airport. And in 1995 Chicago experienced a deadly 5-day heatwave, where temperatures reached up to 110 degrees Fahrenheit.
Meanwhile at UIC, in 1994, then-UIC Chancellor (and later UI President) James Stukel launched the Great Cities Initiative to join UIC teaching and research with community, corporate and government partners in tackling urban challenges. Renamed the Great Cities Commitment at its ten-year mark, the signature program integrates research with genuine community engagement.
While the EFBC did not officially move to DePaul University until 2012, in 1994 the Kellstadt Graduate School of Business announced the creation of an 18-month international MBA program in marketing and finance, the first of its kind in the country. In addition, DePaul saw it largest fall enrollment in university history, with 16,747 students registered.
This year marks some special anniversaries for some of our members, so we reached out to them and asked what they were up to in 1994. The response was overwhelmingly positive, and we received responses in regards to both their professional reflections and well as personal. Some businesses were just getting started while others had been booming for decades. Let’s fire up the DeLorean and read below what our members have shared.
Celebrating 100 Years:
Plant Marvel Laboratories, Inc
In 1994 I [B.J. Slater] completed my freshman year at Munster High School in Munster, IN. That summer, like most, I worked at Plant Marvel weighing ingredients for fertilizer batches, installing new computers in the office, and running quality samples in the lab.
Established in 1922, Plant Marvel Laboratories pioneered and popularized the use of water-soluble fertilizers. We introduced our original 12-31-14 General Purpose Hi Phosphate formulation over 90 years ago helping to fuel the growth of soilless growing and hydroponics. Some years later we found a way to incorporate soluble forms of minor and trace elements into our expanding line of soluble N-P-K fertilizers. This became the first commercial fertilizer to deliver a total nutrient feed to crops without fear of burning and with unparalleled ease of application.
Roscoe Company Uniform Services
Founded in 1921, Roscoe provides uniform rental services. In 1994, Roscoe’s President Jim Buik added barcodes to garments and installed an automated garment sorting system. Julia Buik, Jim’s daughter, started Kindergarten that fall. Roscoe joined EFBC in 1998.
Celebrating 50 Years:
In 1994, Cray Kaiser was already 22 years young. Our named partners, Jim Cray and John Kaiser, had put us on the path to serving closely held and family businesses with the same core values that still guide our firm. As we celebrate our own 50th anniversary this year, caring about the people as much as the numbers and striving to educate, not just instruct, clients remain core to who we are at CK today.
In 1994 The Lion King was the #1 movie, Ace of Base the #1 song and NBA Champion Michael Jordan signed a Major League contract to play for the Chicago White Sox. Nuance Solutions, at that time our name was Bullen Midwest, was 22 years young. John J. Flanagan (Founder & Entrepreneur), had been gone for just over 4 years, passing away suddenly from cancer at the young age of 62. The 2nd Generation, led by Jim Flanagan (President) and John Flanagan (Plant Manager) , completed the acquisition of Federal International Chemicals Institutional division from Valspar Industries. This was a feather in the Flanagan Family cap as it was this company that Nuance’s founder left in 1972 to found Nuance Solutions.
We were located in Bridgeport neighborhood of Chicago at 37th & Ashland, a 4 story manufacturing plant we shared with a food spice manufacturer. Not the most efficient for chemical manufacturing, if an elevator went down we were in trouble. We made it work and Bullen was well known in the rust belt for innovative industrial cleaning solutions, janitorial cleaners/floor care products used in schools/universities and contract cleaners in buildings like those of our EFBC friends. We had just started developing adjuvants for the agriculture market. This was the beginning of our NuVation Brand of development/manufacturing chemical solutions.
Neil Houtsma, Executive Vice President and recent 2021 retired owner, was mentoring Matt Ahrens & myself [Sean Hoffman] as we hit the road every week as Regional Salespersons. Twenty-eight years later Matt & I are still selling!
Three years later Jim will join the FBC and we now have 6 persons in Forums! Nuance is honored to be a part of the EFBC.
Celebrating 30 Years:
Burke, Warren, MacKay & Serritella, P.C.
In 1994, Burke Warren (founded in 1992) was a 25-attorney law firm located in the Loop and adhering to its founding principles: the highest quality of legal services, delivered with a personal touch, at fees that provide real value to our clients. Rachel Bossard started college in the Fall of 1994.
Covenant Services Worldwide, LLC
1994, the glory days. Not a care in the world for me [Max Jacobson]. I was coming into my own…as a 6 year old in Mrs. Morris’ kindergarten class at Walden Elementary! At that point in my life, my biggest concerns were making sure my parents didn’t find my explicit copies of Green Day’s Dookie or The Offspring’s Smash (both provided to me by my cooler older cousin). Something about third studio albums by pivotal 90s rock bands seemed to be the key to their success in ‘94. At 6 years-old, I knew and cared little of what was going on in the world outside of the playground.
However, elsewhere in a parallel universe, my father was working his tail off as a lawyer in his father’s law firm while getting his feet wet in various independent business endeavors. Little did he know that one of them, Covenant Services Worldwide, would still be thriving 30 years after its founding (and 13 years after his untimely passing in 2009). I’d like to think I spent those days absorbing his knowledge and business experiences via some strange form of osmosis, but we all know that methodology is flawed.
Just as true in 1994 as it is in 2022, Entrepreneurial and Family businesses continue to be the backbone of the American economy. While a lot has changed since 1994, my mom is still using AOL for her email, my older brother is still giving me noogies, and Green Day is set to headline Lollapalooza 2022…
In 1994 we made it to two years of being in business with only two employees working out of a small fabrication shop that my father [Adriana Osorio] was barely able to purchase. Little did he know then that the very same shop where they took on small fabrication orders for a nearby pizza manufacturing company and where they began building and installing metal fences throughout Chicago, would one day grow to become the go-to place for fabricators to access their metal supplies. My sister remembers being dragged out of college to help my father run the business. She would ride with him all over Chicago in his little pickup truck to the estimate appointments where she needed to translate back and forth from Spanish to English. She explains having a hard time with this as she did not know the industry jargon very well, much less in Spanish. My father would tell her “Didn’t they teach you this in college”?!!!! Those were the days!
ShopWare started in 1992 in the early years of CAM (Computer-aided manufacturing), offline software used to program CNC machines. Mastercam software was only a handful of years old (as was I [Bill Angsten] in 1994 😉) and looking to expand its sales geographically from the east coast and was bringing on resellers for their distribution channel. Greg Sump started ShopWare, covering the states of IL and WI. The business grew year over year and my father, Jeff Angsten acquired the company in 2007. We provide the software, training, and full customer support for the product, as well as some other manufacturing technology products. I joined in 2017 after selling my manufacturing automation startup. ShopWare added the state of IA and acquired the reseller based out of Indianapolis, adding the IN and KY territory and a terrific office of employees. We are also the educational reseller supporting Mastercam in high schools, trade schools, and colleges – trying to grow the skilled workforce! We’re now the third largest value-added reseller in the world. I became the third owner after buying the company in 2020. Greg’s son Matt is celebrating his 15th year of working at ShopWare during our 30th anniversary!
Celebrating 25 Years:
Net Works Consulting Resources
1994, I [Matthew Kaseeska] had been married for 5 years and had two beautiful daughters, Jordan 4 and Madalyn 2. I was working for Canon USA at the time and was building my career. I was a national support sharp shooter for all connected products for Canon across the USA. I traveled a lot and with a young family, it was hard. I kept learning, growing and getting more certifications that led me to a Consulting firm. Here I felt like I was “home” and in my element. I really enjoyed coming in and helping clients figure out tough issues with creative solutions. I ended up leaving the consulting firm a few years later and started Net Works Consulting Resources in 1997. By 1998, I had over 40 people working for me and never looked back😊
We cannot thank our members enough for sharing their past experiences and once again congratulate them on these milestone anniversaries. We are excited to celebrate with everyone on May 7th, 2022 for our Gala.
Three Tips for Combatting Supply Chain Challenges
This month we’ve teamed up with Tom Rioux to guest write a blog on issues all of our members are facing: Supply Chain.
The two biggest challenges we hear from EFBC members continue to be finding awesome team members and finding much-needed supplies and materials. And we’re not alone. A poll released in January of 2022 by Goldman Sachs found that 69 percent of small-business owners said issues with the supply chain have hurt their bottom lines. While we have amazing Strategic Partners who can help with recruiting strategies – we’re looking at you Psyched! – we had to look a bit farther to get insights on logistics. Guest contributor Tom Rioux of Rioux Safety & Logistics agreed to share his thoughts to help us all navigate these on-going supply chain hassles.
Be fastidious about your stocking levels
It is a common best practice to know exactly what supplies, materials and finished goods you have on hand. But most all of us can admit to moments when our efforts have become a bit, shall we say, lax? After the last two years, we all know the importance of keeping daily inventory totals. And then looking for any risks that may be on the horizon. Ask yourself, are we covered for the next couple of months? Can we handle surges in demand, holidays and who-knows-what should it happen? Is stockpiling an option if cash flow can absorb it? Which is the bigger risk – being caught with too much or being caught without enough? If we do add inventory, do we even have the space for it? While these used to be somewhat philosophical questions, today they are the types of conversations you should be discussing with your team most every day.
Let the courting begin
All those voicemails and emails from alternative vendors you’ve been deleting for years? It’s time to give them some of your attention. Even if your supply chain has mostly recovered to pre-pandemic shape, world events prove time and time again the need to always have another option. Single sourcing proved dangerous during the pandemic, dual sourcing faired better, having multiple other options proved best. It can take time to connect and vet suppliers so start courting those relationships long before you need them.
Get it together
In that same Goldman Sachs poll, 66% of those companies negatively impacted by supply chain issues agreed that suppliers were favoring larger businesses over smaller ones. One way to jump your place in line is to join a buying group. Many industries and segments have buying groups that allow smaller and independent companies to pool their purchasing power. Especially important in those segments with large, resource-guzzling companies in their midst, these groups do come with restrictions along with the perks so research fully before committing.
Bonus tip: Just communicate
One more tip that is always worth repeating: Communicate. Whether it is with suppliers or customers, a vast majority of the damage that is done to relationships isn’t because of unmet delivery dates or unkept promises. It is because of the lack of communication. Every organization up and down your supply chain is living through the same disruptions. So communicate clearly and often. And don’t forget to share your appreciation when an order goes right. Those moments need acknowledged now more than ever.
About Tom Rioux
Tom is a dynamic, high-performance team leader with unique skill set that he’s gained from over 25 years of logistics and manufacturing experience. He comes with over ten years of experience as an authorized OSHA instructor, Forklift Trainer Certification through The National Safety Council, and customized training for numerous areas of safety protocols and practices. Tom has a unique ability to encourage and motivate staff to excel within expectations and guidelines by serving as model for intuitiveness and creative problem solving.
President’s Letter: Spring has Sprung!
Things are starting to warm up, the smell in the air is fresher, and Spring is about to kick off. I love spring. Springtime reenergizes me about business and life. Although the economic outlook is seemingly volatile for the near future, I am trying to remain optimistic, and the change in weather is definitely helping. Baseball and other seasonal sports are starting back up, the NCAA brackets are in full swing, and golf is back on the local menu. Of course, my kids are getting anxious to be closer to summer break and I too will be happy to put winter behind me.
As the clock “springs forward” this season, my wife, Annette, and I have a few trips coming up to the Southwest that we’re looking forward to taking. We’re stoked for the multiple opportunities to travel together again, because like many others, we haven’t taken a real trip in a while. I’m excited to be with the whole family for my sister, Kerra’s wedding in Scottsdale next month, and then we’re off to try our luck in Vegas with my dad the following month. The opportunity to be back to traveling is slowly feeling like a return to semi-normalcy. Again, it’s slow, but I’ll take it!
We have some really solid events this Spring, and I am fired up to see our members and engage with our community once again, face-to-face. On 3/23, a Wealth Management panel and Annual Leadership award is being held at Elements in Naperville. The award is celebrating my predecessor, Nirel Inman, who served on the EFBC Board of Directors for four years. I’m also looking forward to making up for lost time and celebrating our extraordinary organization at our >25 Gala Celebration on May 7th. We’re ecstatic to finally celebrate our members
Plenty of additional programming and content coming up. It’s my hope to see as many of you as possible as we continue to add more educational opportunities. Please keep in mind any of your business associates, internal or external, that might benefit in attending these upcoming events. Spread the EFBC word!
Neil O’Donnell
VP of Business Development, Progressive Industries
EFBC President 2021-2022
Event Takeaways – Highlighting 4 from Strategies To Maximize Valuation
Last month, we partnered with Greg Stanley, the President and founder of Accelerant Consultants, for a sales workshop Inevitable Business Transition: Top Strategies To Maximize Valuation.
Greg has over 25 years’ experience in business and community leadership. His unique set of experiences gives him a deep understanding of leadership, strategy, sales, and marketing in both small and large company environments.
At the workshop, Greg revealed strategies to maximize the value of the company for business owners to gain the highest valuation during their business transition.
At some point, all business owners need an exit strategy, even if that just means transferring ownership of the company, ie when one owner decides to retire. Choosing an exit strategy for your business may not seem like an obvious step when you’re just starting out, but planning ahead is a vital aspect of growing a business. Planning ahead gives you more time to improve your business, processes, and value in order for the business to become more appealing for a sale. Additionally, it gives you greater confidence in your decisions when the time comes.
Below we’ve broken down some key takeaways from Greg’s workshop:
1. Intentionality starts at the beginning, and must be carried throughout all aspects of the business.
Always begin with a mission statement. What is the mission you want to achieve, what are the objectives you want to achieve within the mission, and how will you eventually reach the greater goal by completing smaller goals in the interim? Provide your sales team with a value proposition that’s effective, compelling and differentiating.
2. Understand what drives the value of the business and what makes your organization marketable/profitable.
Every decision you make should be based on the business’s mission to produce value. Once you understand your value, ensure to rely on those components as you are problem solving and streamlining your processes. Approach every decision with a high degree of intentionality and build a structure around it that enables an optimized sales and marketing function. Do you have a cohesive sales strategy that has defined targets and markets that the sales team is directed to pursue?
3. Hire and coach the right team.
The key is to hire the right people and ensure that everyone is trained and running the business in your image as the business owner. They should be executing in a way that does not put yourself, as the business owner, in a situation where you have to micromanage people, taskes, or processes. If you have to micromanage staff, you have the wrong people. Greg encourages business owners to think about hiring fewer people, but better people. Hiring the proper people, putting them in a position where their task is defined, and allowing them to perform their job all will help you gradually begin to exit from the business.
4. Integrate Sales & Marketing – Make sure the organization determines the customer portfolio and aligns its sales team to convert targets accordingly.
Marketing needs to be approached in the same manner as any other business investment; with a high level of intentionality, a high level of integration with the sales function, and with a goal to build a larger customer base as well as to grow within the existing customer base. While it is beneficial to have a relatively prolific brand, especially if you have a highly developed value proposition and can articulate that in the marketplace, it is also important to have a sales force that has the ability to back that up. Meaning a sales force that can create and cultivate relationships, understand customer issues, build trust with customers, have some cadence of contact that customers will appreciate, and will be viewed as valuable. Employees tasked with sales and marketing should be treated a fully integrated into the continuum for success within the organization.
Avoid These 5 Common Pitfalls During Your Succession Planning Process When Looking to Extract Value from Your Company
So, you’re a fan of “Succession” on HBO? Us too, purely for the entertainment! We never want to see a family business go through the drama that the Roy’s portray as they exhibit all the dangers of not having a succession planning process. Even though it can be daunting to try and answer, “What’s your number?” when it’s tied to both the value of your business and the amount you are seeking to extract after the sale or transition, there is no more important question for a business owner to decide. Luckily for us, our Strategic Partners have five pitfalls you can make sure to avoid during your succession planning process to not end up like the Roy’s!
“It’s hard to boil it down to one red flag but a common theme is a lack of trust. Perhaps the exiting party doesn’t trust the newcomer with certain information that will be critical to know as the business moves forward. Or the newcomer has his/her own ideas and doesn’t trust or acknowledge the expertise and experiences shared by the exiting party. A lack of trust amongst the major players will usually be a sign that significant hurdles are already in play even before the succession takes place.” – Karen Snodgrass, CPA, MBA, Principal at Cray Kaiser Ltd.
“The biggest red flag that the succession will not go well is lack of communication. There needs to be consistent, clear and candid discussions about the expectations and desired outcomes for all parties. It never works if we assume that we know what the other party is thinking!” – Mary Beth McLean CFP, MBA, Partner at Private Vista
“The first red flag we look for in the succession planning process is there being no buy-sell agreement in place to allow a non-participating family member to gracefully exit the business.” – Rachel Bossard, JD, Partner at Burke, Warren, MacKay & Serritella, P.C.
“Most often, we see business owners starting too late and not involving their entire team of advisors. If you make decisions in a vacuum and don’t discuss how they impact your goals for the next phase of life for you and your loved ones, you may take steps that don’t set you up in the best way. Knowing your number is one piece. Knowing what you are moving towards is equally important. How will you fill the day once you are not running your company? What will be your identity? Your purpose?” – Nicole Romito, CFP, CDFA, Partner at Private Vista
“From my experience, communication is the name of the game! Expectations are built off of information and information becomes relevant through communication. When we see a company whose ownership has a high level of communication and information sharing, the succession process will likely have more traction. Also, understanding that succession is not only a plan or a document but also a journey that will have a number of bends and discomfort along the way. A solid footing in ownership communication can smooth out many of these challenges. – Deanna Salo, CPA, Managing Principal at Cray Kaiser Ltd.
Meet Adriana Osorio, COO of Osorio Metals Supply, Inc.
Get to know Adriana, a new member of the EFBC.
Osorio Metals Supply, Inc.
Founded: 1999
Location: Chicago, IL
Tell us about your career leading up to where you are now:
My family started the business in 1992, so it has pretty much been my career from the beginning. I graduated from DePaul in 2015 where I studied business management with a concentration in entrepreneurship and have been here for the past 6 years now. It’s a family-owned business, with a total of 17 employees. I share a wall with my sister, and work with both my parents and my brother.
When I came to work here [Osorio Metals] I did not have an official role. It was just jumping in and let’s fix what we have. A lot of our processes were outdated, for example we were still using carbon copies to take orders down for customers. Remember those? The three-part ones; with the pink, yellow, and white sheets. For orders, you would do this long list of items that a customer needed, and you would put the totals and then times the quantity and then if they said “Oh no, I don’t want five, I want four” we would grab the white out, and white out everything and start over. It was just a mess. In addition, there was no inventory system, and our website was lacking. So, what I did was I rebranded the business first. I installed the point-of-sale system. And then I started building a relationship with a good accounting firm. I also worked on building a relationship with our banker so that we can continue to build capital for us to continue to grow. I don’t take credit for everything, because the hardest part was establishing the business, gathering a steady customer base, which I didn’t do. That was already done when I got here. I just focused on getting us into the 21st century. Technically, I still don’t have an official role, on paper COO, but basically, I would say I’m really into business development more than anything.
What do you like most about what you do?
I like that it’s not not monotonous. I wear a lot of hats, so I may, on one given day, touch on finance, on accounting, on sales, or even on purchasing. I find mills in Mexico and in Texas for us to get better pricing for our customers, so I’m building that relationship with these vendors. I’m currently installing another point-of-sale system because we’ve already outgrown our current system, that we set up six years ago, and I’m working on a new website. It’s always ever changing. I’m always working on another project, I’m always asking “What else the business need?” or “What else do we need to do to grow?” I am not in a role that constantly does the same work every day. Give me a project. Give me something hard. I just love being involved in a lot of things and then it’s always ever changing. Things that are challenging are what excite me.
How did you hear about the EFBC?
A good friend of ours, who’s also a vendor, Dave Westerman. He’d been telling us about this organization for years. When we would meet with him once a year for lunch, and year after year he would talk up the EFBC, and we would just say ‘yeah, okay, thanks, Dave.’ Well then recently, we attended a program, the 10,000 Small Business by Goldman Sach’s and I ran into another friend, Randy Kravitz, and I disclosed that I was looking for some help and he said ‘I am going to put you in contact with the EFBC’ so it’s kind of come full circle.
Why did you join, and what do you hope to gain from your membership?
So, when I reached out to Randy, I had a pain point. My pain point was a lot of family issues, a lot of organizational issues here at work and I said I need help. I was tired and was done trying to fix it myself. I needed outside help. I hope to gain knowledge. And what I meant by that is any sort of insight into how I can improve the business from fellow entrepreneurs who are in the same boat as I am. I’m like a sponge, I try to extract as much information I can and just soak it up. But I also hope to contribute in any which way I can. I sometimes feel like I don’t have enough experience. I’m young, I wonder “What am I going to say that’s really going to be like oh wow I learned something from her today?”, but I hope that maybe there will be something I say that will shed some light to someone. Lastly, I always love to surround myself with people that are like minded so even just making connections and building a wider network of quality individuals, of leaders, especially in family businesses, and I am excited to be a part of the EFBC!
Join us in welcoming Adriana to the EFBC community.
Dear Younger Self
Dear Younger Self,
Where do I even begin? You are about to embark on what may be the most challenging years of your life. I know the thought of our family business transitioning to the second generation – YOU! – fills you with equal parts excitement and dread. The thought of it might already be keeping you up at night. I know you are ready for dad to step back and terrified for him to do it, all at the same time. So know this – you will get through it all. You will be the one in three who makes it through this transition to the second generation with our family and our business intact. But I won’t lie, it won’t be easy and you’re going to make a lot of mistakes along the way. It’s okay, everyone does! Here’s what I wish I knew when I was you.
Listen. Really Listen.
Listen to dad, to mom, to the attorneys and the accountants. Listen to not only what is said, but what isn’t being said. Don’t listen to respond or to prepare to go on the defensive. Listen to understand, to empathize as best you can. Listen even when dad is being dad or you don’t agree with what the advisors are saying. Then, above all, listen to yourself. Listen to what you really need and want, not what you think you are supposed to want.
Jack of all Trades, Master of None….For Now
Buyer. Employee. Boss. Coworker. Spouse. Business Partner. And, most acutely, Child of a business owner. At any moment during this transition, you will wear every one of those hats – and usually all of them at the same time. Always be aware of the hat you are wearing, especially when the conversations get heated or the emotions run high (punctuated with a slammed door…or two). And don’t be afraid to take off a hat or two when you need to. Some days you will need to pause and simply be dad’s Child, no one else. That doesn’t make you any less of a Business Partner or a Buyer. It makes you ready for the complexities of being the Owner of our family business. This entire experience will make you more of a critical thinker, a stronger maker, and a better leader for our team.
Get Outta Here
Find a place outside of our family and away from our biz that supports you and energizes you. Look for people who give you the space to be vulnerable. Grow the circle of people you can rely on to include those who understand what it is like to live this crazy jumble of family interwoven with business but who don’t share our last name. I joined the Entrepreneur and Family Business Council at DePaul to have a better understanding of what owning a family business really means for all aspects of my life. I only wish I had joined sooner.
Stop Walking in His Footsteps
What dad built has obviously worked. We have a great company and lots to be proud of. But it’s okay to take risks and remake the company in your image, with dad as your trusty sidekick. Growing up, he would always say how much he enjoyed you working with him. Now you get to be the one driving and feel that same joy as he is along for your journey.
That entrepreneur spirit that pushed him to take this leap, is in your blood too. He felt the same nervous excitement that comes with knowing you’re responsible for your own success. You’ve watched and grown over the years to develop the critical thinking skills to face new challenges head on. You’re ready.
Know that we will all benefit from trying new things that you, not dad, create. And most of all, know that we’ll continue to grow together, as a business and as a family.
All my love,
Your Older Self
President’s Letter: EFBC >25 Gala
Hey, everyone!
In preparation for our upcoming GALA event on May 7th, I am flooded with memories from our last Gala, where we celebrated our 20th anniversary back in 2014! And we had a blast! The Liautaud’s founder, of the then CFBC, Jim, was celebrated and presented with a lifetime achievement award from the Council. The year was 2014, Bob Carmody was President, my TAU forum mate Gina Krusinski was the current first VP and former TAU member Jeff Connor was the 2nd VP. During the event, Gina Krusinski, as the first VP, gave a moving speech. These are just a couple individuals amongst a group of great friends that have provided me with the knowledge and courage to take the President position myself. I was young, but it left an imprint and inspired my future leadership within the organization. Libations flowed, we were downtown, everyone danced to live music; by all accounts it was a heck of a bash!
But, wow, does that last gala seem like a distant memory…one that we are going to do our best to repeat this year. This year we’re calling it “Greater than 25”. The math dictates that we should have had the party 2 years ago, but an event in May of 2020 at this caliber was not in the cards So now we have a chance to make up for lost time. There will be dancing, tasty food and drinks, a toast to those that we appreciate, and more. This year is the time to get back together, mingle, do the things we’ve all been missing. I am excited to have time with some fun people and a little normalcy. This gala is a black-tie event where we celebrate you; our members, strategic partners, Gala sponsors and staff in one spectacular event. I, for one, am really looking forward to seeing people that I haven’t seen, some in nearly two years and to meeting new people and dancing the night away with my wife, Annette.
I hope to see you all there! Bring your significant others, family, friends, and employees to celebrate. Anyone that wants to get out there and enjoy themselves with a solid group that knows how to have a good time is welcome. The more the merrier!
Cheers,
Neil O’Donnell
EFBC President ‘21/’22